Charles Schwab Posts Stronger Profit, Revenue -- Update

   By Allison Prang

Charles Schwab Corp.'s (SCHW) profit rose 49% in the third quarter, as expenses rose at a slower pace than total net revenue.

The company reported earnings of $923 million, up from $618 million for the comparable quarter a year ago. Charles Schwab said earnings per share were 65 cents, up from 42 cents. Analysts polled by Refinitiv were expecting earnings of 65 cents a share.

Total net revenue increased 19% to $2.58 billion, which is what analysts polled by Refinitiv were anticipating.

The company said total client assets climbed 12% to $3.56 trillion as of Sept. 30. Compared with the second quarter of this year, total client assets rose 4.9%.

New brokerage accounts in the quarter totaled 369,000, up 9.8% from a year ago. However, the number of new brokerage accounts fell 3.9% from the second quarter.

Shares, down 4.6% year to date, rose 0.9% in premarket trading.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

October 15, 2018 09:22 ET (13:22 GMT)

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